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Sunday, December 10, 2023

Why Elon Musk lost 10 billion in a single day

Last week, Business Insider revealed that Elon Musk had been accused of exposing himself to an employee of SpaceX, a company that paid him $250,000 for his silence. The businessman claimed that the report was “politically motivated news,” denying the accusations. The news has had a negative impact as new reports indicate that Musk lost 10 billion dollars in a single day after it was will publish the report.

According to Bloomberg, Musk was worth about $212 billion last Thursday, but his fortune fell to $201 billion after the news broke that night. The main thing was that the price of Tesla shares (of which he owns 15%) plunged by 6.4%. With this, his value plummeted by $10 billion, adding to the more than $50 billion he has lost this year, according to Bloomberg estimates.

A few weeks ago, when Musk announced his purchase of Twitter, Elon Musk, Tesla shares plummeted 12%. They had since recovered, but they fell back after the news broke.

On the other hand, Musk’s deal with Twitter has been paused since the businessman demands to know the exact number of bots that exist within the platform, which the company could not confirm. The request seems strange, and some experts have questioned whether this has been done to lower the company’s price for which he would pay 44 billion dollars or inflate the shares of his companies.

In addition to the above, last Friday, FX and the New York Times premiered a new documentary called Elon Musk’s Crash Course. He analyzes the businessman’s response to the crashes in which the company has been involved. Autopilot functions in Tesla cars, which are often sold under the idea that they are “autonomous” and the impact that their speech on social networks has on their followers. According to NPR, the documentary notes that Muskit has “oversold the autonomous capabilities of cars, leading to the public being confused about what it can actually do.” It also addresses how he has pressured the authorities to avoid investigations. The work includes statements from former Tesla employees.


Without directly mentioning the harassment allegations or the documentary, Musk wrote on Twitter that he was building a “tough litigation department” at Tesla that would report now to him. “There will be blood,” he stated. His critics noted that this was also part of an aggressive rhetoric Musk has been using on Twitter, attacking company employees during their purchase from him.

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